https://crypto.news/fbi-uncovers-multimillion-dollar-crypto-fraud-scheme/
Three individuals, Zhong Shi Gao, Naifeng Xu, and Fei Jiang, are charged with defrauding New York City-based banks of over $10 million from 2018 to 2022, revealing vulnerabilities in bank security and the misuse of cryptocurrencies.
The perpetrators tricked banks by posing as victims of fake money transfers, prompting the banks to provide funds to cover these fraudulent transfers, effectively doubling their illicit gains.
Subsequently, they converted the stolen funds into cryptocurrency, assuming digital currencies could better conceal their activities, but U.S. Attorney Damian Williams emphasized that law enforcement still has the capability to track and apprehend such criminals.
What a fraud!!
Upvoted! Thank you for supporting witness @jswit.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit